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´╗┐Short Sale of Rental Property

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from BiggerPockets

Wayne Brooks, It definitely includes the value of that property. As they look at insolvency immediately before the cancellation.

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will it be treated as a loss? I can use the Mortgage Debt Relief since it not my primary residence. I am going to try and short sell it in the next few months.

If you do short sell it at a loss, that would produce a capital loss. That may be usable to offset other capital gains, but the amount is limited each year.

I can bet he definitely wasn insolvent then or the accountant Nike Tee Black

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I am considering a "strategic default" of my condo property in California. I bought it as my primary residence in 2004, but have rented it out for the past two years. I am more than $100K underwater, and do not qualify for refinance, loan mod, HARP, etc. I am wondering about the tax consequences, since it considered an investment property, Nike White Shorts

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I strongly advise a conversation with your CPA to be sure you understand exactly what may happen.

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didn know any better. If it was property he had refinanced several times then I sure he has such a low basis that it was definitely taxable. I did speak with a CPA familiar with short sales who was able to help clarify my particular situation. The Mortgage Debt Relief Act does not apply to rental property, since it is considered an investment by the IRS. I will use a gain/loss calculation to determine if I have a capital gain or a non deductible loss. In my case, since my adjusted basis (purchase price minus deprecation) is greater than the total amount of my non recourse debt, I have a non deductible loss and should not owe any cancelation of debt income, and also should not have to declare insolvency. This was a relief to hear!

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You definitely need to sit down with someone and discuss the situation. There are certain other exceptions.

Either a short sale or a foreclose may result in Nike Sports Bra Blue taxes on the "phantom income" produced by the forgiven debt. I believe California is a non recourse state, so they can come after you for the shortage. But expect to see a 1099 for the forgiven debt.

Jon Holdman, Flying Phoenix LLC

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